Google is releasing the second public beta of Android 13 today. The beta comes with a number of new features and user controls, along with updates to privacy and security. Google says it’s giving users more control over what personal information they share. The company is also reducing the number of apps that require your location.
Bitcoin drops below $30,000 for the second time this week. New inflation data spooked investors, leading them to exit risk assets including crypto. Analysts have called $30k a key level for the largest cryptocurrency by market cap. This time last week bitcoin hit a recent high of $40,000.
Five years after its kickoff, SoftBank ’s $100 billion Vision Fund is being battered by the tech selloff, making for an embarrassing performance that lags behind the overall stock market since its launch. Started with a goal of funding a whole generation of future tech giants, the fund raised roughly 30 times more cash than the next largest venture-capital fund at the time.
Shares fell more than 15% in after-hours trading, building on a drop of 12.6% during regular trading hours. The stock has lost more than 70% of its value since late March. The company's revenue fell 27% from a year ago, and it reported a net loss of $430 million.
Elon Musk says he will reverse Twitter's ban on former U.S. President Donald Trump when he buys the social media platform. Musk, the world's richest person, has inked a $44 billion deal to buy Twitter Inc. The question of reinstating Trump has been seen as a litmus test of how far Musk will go in making changes.
Apple is discontinuing the iPod Touch, the last remaining model in its lineup of portable music players. The company says that it will sell the current Touch “while supplies last” While Apple may be done with making dedicated music players, the company says ‘the spirit of iPod lives on’
Roblox reported fewer users in the quarter than analysts had expected, and bookings dropped from a year earlier.
The company, which generates revenue from purchases of its Robux virtual currency, has suffered along with the rest of the tech industry this year.
Earnings: Loss of 27 cents, vs. loss of 21 cents as expected by analysts, according to Refinitiv.
Revenue: $631.2 million, vs. $645 million as expected by analysts, according to Refinitiv.
Tesla reduced vehicle production at its Shanghai factory this week due to parts shortages caused, in some measure, by a supplier’s Covid lockdown nearby.
According to research by JL Warren Capital, Tesla specifically stopped production lines for its crossover electric vehicle, the Model Y, at its Shanghai Gigafactory.
During an interview with Financial Times on Tuesday, Tesla CEO Elon Musk said Covid lockdowns in China “are being lifted rapidly” and he doesn’t expect them to be a significant problem in coming weeks.
Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022’s first quarter.
The earnings release follows a rocky period for Coinbase’s stock and the US equities market as a whole.
Coinbase’s report showed a quarterly trade volume of $309 billion, down from $547 billion in Q4 2021.
Assets on platform fell to $256 billion.
Janet Yellen called on U.S. lawmakers to develop a "consistent federal framework” on stablecoins to address risks to financial stability, reiterating her previous position calling for a regulatory framework on stable coins. In addition, the Treasury Secretary commented on TerraUSD dropping to $0.67 in the last 24 hours.